Waste Heat to Power Global Market Opportunities and Strategies to 2031

The waste heat to power market reached a value of nearly $13,306.61 million in 2021, having grown at a compound annual growth rate (CAGR) of 5.9% since 2016. The market is expected to grow from $13,306.61 million in 2021 to $21,844.86 million in 2026 at a rate of 10.4%. The market is then expected to grow at a CAGR of 9.7% from 2026 and reach $34,712.18 million in 2031.

Growth in the historic period resulted from increasing demand for clean energy, strong economic growth in emerging markets and growth in industrial sector. Factors that negatively affected growth in the historic period were COVID-19 pandemic.

Going forward, rising electricity demand, government initiatives and increasing investments will drive the growth. Factors that could hinder the growth of the waste heat to power market in the future include high initial investment and lack of grid infrastructure.

The waste heat to power market is segmented by product into steam rankine cycle, organic rankine cycle and kalina cycle. The steam rankine cycle market was the largest segment of the waste heat to power market segmented by product, accounting for 65.3% of the total in 2021. Going forward, the organic rankine cycle segment is expected to be the fastest growing segment in the waste heat to power market segmented by product, at a CAGR of 12.3% during 2021-2026.

The waste heat to power market is segmented by application into preheating, steam and electricity generation and other applications. The steam and electricity generation market was the largest segment of the waste heat to power market segmented by application, accounting for 75.3% of the total in 2021. Going forward, the steam and electricity generation segment is expected to be the fastest growing segment in the waste heat to power market segmented by application, at a CAGR of 10.6% during 2021-2026.

The waste heat to power market is segmented by end use into petroleum refining and oil & gas extraction, cement industry, heavy metal production, chemical industry, pulp and paper, food and beverage, glass industry and other end users. The petroleum refining and oil & gas extraction market was the largest segment of the waste heat to power market segmented by end use, accounting for 27.8% of the total in 2021. Going forward, the cement industry segment is expected to be the fastest growing segment in the waste heat to power market segmented by end use, at a CAGR of 11.2% during 2021-2026.

North America was the largest region in the waste heat to power market, accounting for 33.6% of the total in 2021. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the waste heat to power market will be Asia Pacific and North America where growth will be at CAGRs of 11.9% and 10.9% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 10.5% and 8.8% respectively.

The global waste heat to power market is highly fragmented, with a large number of players. The top ten competitors in the market made up to 11.92% of the total market in 2021. F. Mitsubishi Heavy Industries, Ltd was the largest competitor with 4.48% share of the market, followed by Bosch Thermotechnology with 2.49%, Ormat Technologies with 1.49%, IHI Corporation with 1.01%, Dürr Group with 0.85%, Thermax Limited with 0.73%, Exergy SPA with 0.41%, Siemens Energy with 0.38%, ElectraTherm with 0.06%, and Enogia SAS with 0.03%.

The top opportunities in the waste heat to power market segmented by product will arise in the steam rankine cycle segment, which will gain $4,999.84 million of global annual sales by 2026. The top opportunities in the waste heat to power market segmented by application will arise in the steam and electricity generation segment, which will gain $6,556.38 million of global annual sales by 2026. The top opportunities in the waste heat to power market segmented by end use will arise in the petroleum refining and oil & gas extraction segment, which will gain $2,533.87 million of global annual sales by 2026. The waste heat to power market size will gain the most in USA at $2,598.38 million.

Market-trend-based strategies for the waste heat to power market include partnership & collaboration, development of lead-free materials for waste power recovery, emergence of direct waste recovery using thermoelectric materials and product innovation.

Player-adopted strategies in the waste heat to power market includes focus on contributing to decarbonization in the maritime industry through new product launches, strengthening business operations through partnerships and collaborations and focus on offering customers integrated solutions for waste heat utilization through partnerships and collaborations.

To take advantage of the opportunities, the publisher recommends the waste heat to power companies to focus on development of lead-free materials for waste power recovery, focus on direct waste recovery using thermoelectric materials, focus on product innovations, expand in emerging markets, continue to focus on developed markets, focus on partnerships and collaborations, offer competitive pricing, participate in trade shows and events, continue to target fast-growing end-users.

This report describes and explains the waste heat to power market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.